CPA Firm Practice Management covers a wide array of topics from succession planning, human capital management and practice development. CPA Firm Practice Management also includes the use of marketing, like social media and SEO, and developing new clients. The Private Companies Practice Section is a membership section of the AICPA
consisting of public accounting firms. PCPS’s
mission is to make practicing CPAs and
their firms successful through education and
Tonight on The Bachelor, Nick Viall will presumably propose to one of two women in what the television network promises is the “most dramatic finale yet.” At the start of the season, 30 women were all vying for the bachelor’s attention in the hopes of becoming his fiancé. Each week, as part of the journey to find “the one”, he had the difficult, and sometimes awkward, task of sending women home during the rose ceremony. Even though Nick is a veteran of reality television dating shows (he was the runner-up on two seasons of The Bachelorette and also appeared on Bachelor in Paradise), he often expressed how challenging it is to say goodbye to the women.
Now I know that CPAs do not distribute roses to their clients that they wish to retain, however, like contestants on The Bachelor, practitioners often explain how “breaking up” with a client is far from easy. Luckily, the AICPA’s Private Companies Practice Section (PCPS) has tools to help with this process so that your client isn’t crying in the limo ride home.
Continue reading "Will You Accept This Rose? Determining Which Clients Stay and Which Go" »
CPA firms across the country are thriving, according to the 2016 PCPS/CPA.com National Management of an Accounting Practice (MAP) Survey. This unique study is the largest and most comprehensive examination of firms’ financial health and practice management approaches and solutions. To enhance the survey’s usefulness, the results are broken down into seven defined CPA firm segments, from small practices with less than $200,000 in annual revenue to large firms with $10 million or more. The latest survey found that firms are indeed doing well, with many practices making the strategic decision to reinvest profits back into the firm to build an even stronger foundation for the future.
Small firms appeared to have a particularly bright future. Firms with less than $200,000 in revenues who completed the survey reported growth of almost 11%—up from 8% in 2014. What trends or decisions are powering small firm growth? Here are some key insights based on the survey findings:
Continue reading "5 Ways to Drive Small Firm Growth" »
Do you have questions about the best practice management direction for your firm? Should your firm consider value billing? Is your firm’s revenue comparable to other similar-sized firms in your area? How much are other firms investing in technology? The 2016 AICPA PCPS/CPA.com National Management of an Accounting Practice (MAP) Survey has the answers. The profession’s largest benchmarking poll on practice management topics, which is conducted every two years, offers unique perspectives on the latest trends within seven defined CPA firm segments, from small practices with less than $200,000 in annual revenue to large firms with $10 million or more. The comprehensive data spotlights best practices for firms, identifies challenges and highlights how firms are tackling them. Practitioners can use the survey data to compare their own approaches with those of firms in the same region along with those with similar revenues. They also can compare their firms to others across the profession. Let’s look at some of the insights the latest survey has to offer.
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With the start of busy season just around the corner, planning is on most practitioners’ minds. I have recently spoken with many professionals about ways they jumpstart their upcoming audits. Outlined below are some activities to begin now that will make your busy season a little less hectic.
Ask your clients to fill out background information forms. If there have been changes to their management, ownership structure or board of directors, ask clients to document them before busy season begins. Also, if your client has entered a new market, they should note these changes as well. You can provide your clients with the prior year documentation and transfer information to the new form as soon as it is available.
Continue reading "6 Ways to Ease Audit Workload Compression during Busy Season" »
A successful mentoring relationship, like all relationships in life, is about give and take. But in order to be successful, both mentor and mentee need to give genuine input. It isn’t as simple as the mentor giving and the mentee taking. Considering the value of mentoring, what can mentees do to guarantee they’re getting the greatest advantage from the relationship?
Be sure to opt in. Everyone’s schedule is busy, and mentoring may seem like something that’s easy to delete from a crowded calendar. It’s a mistake to underestimate the importance of support, however. Among other things, a mentor can help you assess your priorities, which can ensure your time is spent wisely and more productively.
Continue reading "5 Ways to Make the Most of Mentoring" »